NO.PZ202001210200000108
问题如下：
Based on Observation 3, Wakuluk most likely expects Country Y’s yield curve in the near term to:
选项：
A.invert
flatten
C.steepen
解释：
C is correct. The current yield curve for Country Y suggests that the business cycle is in the slowdown phase (curve is flat to inverted), with bond yields starting to reflect contractionary conditions (i.e., bond yields are declining). The curve will most likely steepen near term, consistent with the transition to the contractionary phase of the business cycle, and be the steepest on the cusp of the initial recovery phase.
解析：
Y国目前的收益率曲线表明，商业周期正处于放缓阶段(曲线从平向反方向)，债券收益率开始反映出紧缩的状况(债券收益率正在下降)。这条曲线在短期内很可能会变陡，与商业周期向收缩阶段的过渡保持一致，并在初始复苏阶段的尖端变得最陡。
所以只有C选项正确。
我的理解是：如果经济目前处于slow down阶段，相当于处于late expansion阶段，因此应该是flat curve；late expansion阶段的下一个阶段就是peak阶段（而不是contraction阶段），因此接下来收益曲线会invert，而不是steepen。
